Sources: India asks refiners to stop buying Malaysian palm oil after political row
Tuesday, 07 Jan 2020 07:09 PM MYT
India is the world’s biggest buyer of the oil and palm oil inventories could spike in Malaysia, putting prices under pressure if Indian refiners reduce purchases from the country. Malaysian prices are the global benchmark for palm oil prices. “We’ve had various rounds of meetings within the government and industry to see how we could reduce imports from Malaysia,” one Indian government official said, adding India has yet to firm up a plan of action and is exploring various options.
Last month, Dr Mahathir, prime minister of a predominantly Muslim nation, also waded into the debate about India’s new citizenship law, which has led to violent protests in India and at least 25 deaths in clashes with police. “The government has been struggling to find ways to restrict imports from Malaysia due to World Trade Organisation rules. For the time being it asked for industry co-operation,” he said.Malaysia’s Primary Industries Minister Teresa Kok, responsible for the palm oil industry, told Reuters on the sidelines of an industry event that the government has not received any official statement or notice from India about cutting imports from Malaysia.
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